But Finance Minister appointed by president Buhari - Finance Minister who is the boss of CBN governor - said she was not aware of the redesign of the Naira.
What a cantercarous group working for Nigerians.

Send APC packing. APC is a party of people with irreconcilable differences.

Moh247:


Let me say it clearly... If I was never responsible in anyway for anything going on in your life as accused and you decided to curse me and my family May peace depart your life till you die insha Allah, may you never have good life, may misery be yours


Since you people think you can mess with every one

Yours would be a case study

I thought you claimed you are here to have fun?? You don't seem to be having fun now. What's up?

Everybody will be weary of huge transaction in cash, it may be questioned. You want to buy property worth 70m, you now request to pay in cash. When we have some restrictions on cash transactions.

omonnakoda:
For this Nigeria? Buhari did this in 1984 . During the change , an Emir father of his ADC, Jokolo entered the country with 53 Suitcases via MMA aiport. Atiku was the customs lead there. The suitcases were not searched

It is the same people that sell dollars in this country. The kidnappers do not need banks.
If you believe this nonsense will work in a country as corrupt as Nigeria you have a lot to learn.

This will just open another industry for bankers and CBN staff to cash out

We are talking about a country where the FG organized an interview exam in a stadium and where snakes swallow money
Please do not make me laugh

Will it work for all? No.

Will it work for some? Yes.

It’s not going to be all gloom.

And hey, even in the US, UK, and those developed countries, there are always people too connected to beat policies like this. But they are always few in number.

So, don’t make it seem like Nigeria is an exception.

Now, being able to return the cash to the bank is one thing, but sourcing equivalent amount in cash again is another lap of the policy that will not be easy to beat because CBN will be putting a cap to the amount they’d be releasing into the economy which will make it difficult for banks to release some certain huge amount of cash to individuals like politicians who would want cash to buy votes.

So, one way or another, the policy will yield some result.

Don’t dismiss it.

poseidon12:


I thought you claimed you are here to have fun?? You don't seem to be having fun now. What's up?

Perhaps if someone a total stranger had cursed or unjustly accused you perhaps you might have fun

Not me tho.. I have redline with this idiots

hegelian:


you guys can defend rubbish all for politics and election...election will come and go but all of us we remain..this was how you guys were defending his late miniters appointments, judges ivading by efcc, python dance, border closure, and several others...defending rubbish will bite us all in the end..you guys should be able to seperate politics from the rest...the stupid currency changing will affect us all once the demand for dollar conversion hit home hard, we wil buy dollar for 900 and that will affect everything else....

Dollar is already rising. What makes the minister think that cash must necessarily return to the bank?

nedu666:


Which blokos. The currency comes out on 15 dec. So they hve ample time to either pay in the money into the bank, use it to buy govt treasury bills and bonds, buy stocks, buy dollars, buy properties. Only a mumu can be caught unaware by buhari

That's exactly what they want them to do. Mop up the money from circulation, let it be within the banking system. On the side, any unnecessarily huge money coming in from an individual or company will be opened to scrutiny.





We learn everyday.

Sammy07:



It is not necessary for the Finance Minister to know.

CBN powers, only the president can limit it a bit.

And e even get limit.

The only problem I have with the policy is uncertainty it throws into the market. It will excercebate the bad monetary indices already showing, at least in the short run. Other than that, I have not seen any weighty/constructive criticism of the policy.
But it doesn't make sense for Finance minister to say she doesn't know about it. That ministry is represented in MPC and also on the board of CBN. If she insists that she doesn't know, then there's probably more to the policy than meets the eye.

Washing money is very easy in this country o. Extremely simple. All these reprinting currency na mumu counterproductive efforts.

• Find 20 firms that sell crypto and take note of them.
• Meet and buy 2 million naira crypto from each and pay cash.
• If you can deal with 4 of them a day, you'll wash 8 million naira per day.

Nothing sophisticated at all. You can even wash more if you're more aggressive.

We're not even talking about buying up foreign currencies.

That's how simple this country is. Sophisticated solutions don't work in this country.

I feel sorry for this country sha. Most times, I feel there is nothing we can do about this country to fix it. This is why I encourage people to seriously consider leaving the country.

Ventura1:
Everybody will be weary of huge transaction in cash, it may be questioned. You want to buy property worth 70m, you now request to pay in cash. When we have some restrictions on cash transactions.

Exactly my point.

Some people are arguing that those with large amount of cash stashed at home might want to spend it buying real estate.

But how can I have a property I’m selling for 150million and you want to pay in cash? So na me go come go deposit 150million cash for bank make EFCC catch me?

Buccalcavity2:

The only problem I have with the policy is uncertainty it throws into the market. It will excercebate the bad monetary indices already showing, at least in the short run. Other than that, I have not seen any weighty/constructive criticism of the policy.
But it doesn't make sense for Finance minister to say she doesn't know about it. That ministry is represented in MPC and also on the board of CBN. If she insists that she doesn't know, then there's probably more to the policy than meets the eye.

Hmm, that's another angle to it.

Even the minister is part of the Board of Directors of CBN

[quote author=politicoNG post=117996867][/quote]
You be person b4. Rubbish.

ModCaller:
Washing money is very easy in this country o. Extremely simple. All these reprinting currency na mumu counterproductive efforts.

• Find 20 firms that sell crypto and take note of them.
• Meet and buy 2 million naira crypto from each and pay cash.
• If you can deal with 4 of them a day, you'll wash 8 million naira per day.

Nothing sophisticated at all. You can even wash more if you're more aggressive.

We're not even talking about buying up foreign currencies.

That's how simple this country is. Sophisticated solutions don't work in this country.

Which cryptocurrency firm doesn't do KYC abeg tell me..

Do you even know what you are doing? Anything they ask you to sign, you will gladly approve without considering the consequences of it. Zombie president

Moh247:


Good.. atleast that go boost the economy

Which economy, the one wey buhari done condemn finish, abi what?

U guys are just deceiving yourselves and trying to give buhari some credit after all the damages the old dude have done to Nigeria, Nigerians and the Nigeria economy.

Penguin2:


Will it work for all? No.

Will it work for some? Yes.

It’s not going to be all gloom.

And hey, even in the US, UK, and those developed countries, there are always people too connected to beat policies like this. But they are always few in number.

So, don’t make it seem like Nigeria is an exception.

Now, being able to return the cash to the bank is one thing, but sourcing equivalent amount in cash again is another lap of the policy that will not be easy to beat because CBN will be putting a cap to the amount they’d be releasing into the economy which will make it difficult for banks to release some certain huge amount of cash to individuals like politicians who would want cash to buy votes.

So, one way or another, the policy will yield some result.

Don’t dismiss it.

I dismiss it 100% it will not work because Nigeria is 100% corrupt. Is the CBN governor clean?

It did not work in 1984 and it will not work now.

Crucially is it now in the middle of elections that it will work? How crazy is that?

The only time it worked was during the Biafra war for very obvious reasons There was no movement from Biafra and Awolowo DID NOT inform Gowon until the last minute

Buhari saw that and thought it will always work without understanding the nuances
Nigerians are the most resourceful people when it comes to breaking rules so this is just a bad joke
The old notes are STILL legal tender. They can still be used to buy dollars, gold, guns,cows, rice cars,motorcycles guns and bullets FOR 3 MONTHs

3 months is enough time

Buccalcavity2:

The only problem I have with the policy is uncertainty it throws into the market. It will excercebate the bad monetary indices already showing, at least in the short run. Other than that, I have not seen any weighty/constructive criticism of the policy.
But it doesn't make sense for Finance minister to say she doesn't know about it. That ministry is represented in MPC and also on the board of CBN. If she insists that she doesn't know, then there's probably more to the policy than meets the eye.

Maybe the development of the policy was deliberately kept secret to avoid some moles tipping off those that the policy is targeted at.

Hope you know the policy is deliberately targeted at some people?

Moh247:



Which cryptocurrency firm doesn't do KYC abeg tell me..

Not online. Physical shops. Highest you give them fake ID. They won't be able to verify it.

So many loopholes. It's cash transactions. Depositing 2m in a bank in Nigeria is a walk in the park.

The most useless and non performing charlatan to ever occupy the presidential seat.

He presides over a diverse nation but chooses to regularly communicate to only one section, alienating the rest, and effectively telling them to go screw themselves.

May whatever thing or human being that has any semblance of Buhari never happen to this country again.

Amen!

This Man called Buhari na serious snitch him be.....Just see how him destroy Emilokan Billion van plan sequel to 2023 Election....Hmmmm it is well

Moh247:


Well 3 months if the money is clean is enough... A money link with crime without legit source is very hard to launder in 3 months

Give me the contract and I will clean it for you ASAP....
Shebi na to wash am and dry am .....

omonnakoda:

I dismiss it 100% it will not work because Nigeria is 100% corrupt. Is the CBN governor clean?

It did not work in 1984 and it will not work now.

Crucially is it now in the middle of elections that it will work? How crazy is that?

The only time it worked was during the Biafra war for very obvious reasons There was no movement from Biafra and Awolowo DID NOT inform Gowon until the last minute

Buhari saw that and thought it will always work without understanding the nuances
Nigerians are the most resourceful people when it comes to breaking rules so this is just a bad joke

Oya let me give you an instance…

Let’s assume CBN release about 1trillion naira on December 15th, and every commercial bank in Nigeria gets just about 100billion each with other financial institutions sharing the rest.

Now, out of the 100billion (might even be less) that a commercial bank gets, they will now try to ration it for their branches nationwide. At the end of the day, each branch might just be getting about 100million naira each.

Now, can you tell me how these commercial banks will be able to release let’s say about 10billion to one politician for vote buying?

Maybe you don’t get it, Atiku alone, needs above 10billion naira if he’s going to pay 10k per vote. Same with Tinubu, same with all other candidates.

How are they going to be able to source the cash?

MPESA:



Give it to me and I will clean it for you ASAP....
Shebi na to wash am and dry am .....

LoL

Hushpuppi I hail oo

Pathetic filth
Such a disjointed govt of self serving THIEVES AND BLOODTHIRSTY TERRORISTS!

NIG URGENTLY NEEDS A LEADER!
VOTE WISELY COME 2023.

Mr president are you sure ?

Penguin2:


Oya let me give you an instance…



Let’s assume CBN release about 1trillion naira on December 15th, and every commercial bank in Nigeria gets just about 100billion each with other financial institutions sharing the rest.

Now, out of the 100billion (might even be less) that a commercial bank gets, they will now try to ration it for their branches nationwide. At the end of the day, each branch might just be getting about 100million naira each.

Now, can you tell me how these commercial banks will be able to release let’s say about 10billion to one politician for vote buying?

Maybe you don’t get it, Atiku alone, needs above 10billion naira if he’s going to pay 10k per vote. Same with Tinubu, same with all other candidates.

How are they going to be able to source the cash?

Too many words
Theory and totally irrelevant

The idea is that this will stop kidnapping Is that what we are talking about? Or something else?

It is clear you do not understand the issues money in circulation is about balance sheets not bank notes in circulation so what CBN release is irrelevant

Go and study basic accounting

Money does not have to be banknotes. Once the CBN incur a debt it is there and that is what banknotes are a CBN debt. CBN debt takes many other forms e.g T-bills and other forms of promisory notes.
The CBN is very corrupt under Emiefiele and hoarded cash will always find its way back into the system for the right price

baralatie:
Speaking on an Hausa radio interview?

You expected more? People in Niger Republic would understand the interview

Why not push to strengthen the naira?

Printing money cost money and in a time when there is less money and less good supply, I wonder what this devilish move will accomplish.

omonnakoda:
Too many words
Theory and totally irrelevant

The idea is that this will stop kidnapping Is that what we are talking about? Or something else?

Be practical and realistic, my friend.

The approach is wholistic, not just the kidnappers alone.

When CBN said 3trillion naira is unbanked, there’s no time they’d expect all that money to be in the hands of kidnappers alone.

You see that your inability to have a wholistic grasp of the advantages of the policy is why you are dismissing it.

Penguin2:


Be practical and realistic, my friend.

The approach is wholistic, not just the kidnappers alone.

When CBN said 3trillion naira is unbanked, there’s no time they’d expect all that money to be in the hands of kidnappers alone.

You see that your inability to have a wholistic grasp of the advantages of the policy is why you are dismissing it.

Practical and realistic meaning

Agree with you
I could say that exactly right back at you
You be practical and realistic

If you have an argument to make make it

The practical and realistic truth is Nigeria is probably the most corrupt country on earth and this is a stupid policy with unclear objectives and no practical way to measure its success
If money is unbanked is printing new notes the solution?

Is is unbanked because there is a problem with the old note?

omonnakoda:
Too many words
Theory and totally irrelevant

The idea is that this will stop kidnapping Is that what we are talking about? Or something else?

It is clear you do not understand the issues money in circulation is about balance sheets not bank notes in circulation so what CBN release is irrelevant

Go and study basic accounting

Money does not have to be banknotes. Once the CBN incur a debt it is there and that is what banknotes are a CBN debt. CBN debt takes many other forms

Maybe I’m the one who should ask you to go study basic accounting.

CBN clearly stated that the motive behind this is specifically to retrieve the banknotes in people’s hands. So, the policy is specifically targeted at cash.

That’s why they employed those phrases like “cashless economy” and all, to justify their action.

So, yes, the policy is targeted specifically at banknotes.